for the equivalent of $3.7 billion. That followed earlier disposals in the Philippines and Australia to local banks.
Following these divestments, Citigroup will concentrate its consumer-banking and wealth-management businesses in four wealth hubs in Hong Kong, Singapore, London and Dubai. Citigroup has long been the only American institution with a sizable retail-banking network across the Asia-Pacific region, in addition to a full-fledged institutional business that includes investment banking and corporate lending, as well as cash management and trade finance.
The bank has been overhauling its operations since Chief Executive Jane Fraser took the helm in February. Citigroup is in talks to sell its consumer franchises in five remaining markets in Asia, Europe and the Middle East: India, mainland China, Poland, Russia and Bahrain. Citigroup said earlier this month that it also would exit consumer, small-business and middle-market banking in Mexico as part of theCitigroup’s first branch in Taiwan was set up in Taipei in 1965. Decades later, the U.S.
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